17-7214. Operation of close corporation as partnership.
17-7214
17-7214. Operation of close corporation as partnership.
No written agreement among stockholders of a close corporation, nor any
provision of the articles of incorporation or of the bylaws of the
corporation, which agreement or provision relates to any phase of the
affairs of such corporation, including but not limited to the management of
its business or declaration and payment of dividends, or other division of
profits, or the election of directors or officers, or the employment of
stockholders by the corporation, or the arbitration of disputes, shall be
invalid on the ground that it is an attempt by the parties to the agreement
or by the stockholders of the corporation to treat the corporation as if it
were a partnership, or to arrange relations among the stockholders or
between the stockholders and the corporation in a manner that would be
appropriate only among partners.
History: L. 1972, ch. 52, § 138; July 1.